Latest Results

Year ended 31 December 2010

Senior has delivered an excellent set of results for 2010. Adjusted profit before tax increased by 36% to record levels, driven by significant margin improvements, and healthy operating cash flow resulted in a net debt reduction of £39m to £64m. Trading has been in line with expectations at the start of 2011 and this, combined with the strong 2010 performance and healthy long-term prospects for the Group, gives the Board the confidence to recommend a 20% increase in the full-year dividend for 2010.

Martin Clark
Chairman

	2010	2009
Revenue	£566.9m	£540.1m

Operating profit	£62.2m	£61.0m

Profit before taxation	£52.1m	£49.6m

Basic EPS	10.11p	9.79p

Adjusted profit before taxation (1)	£65.3m	£48.0m

Adjusted earnings per share (1)	12.01p	8.91p

Total dividends (paid and proposed) per share	3.12p	2.60p

Free cash flow (2)	£58.8m	£60.1m

Net debt	£63.7m	£102.3m

(1) Adjusted figures are stated before profit on disposal of fixed assets of £0.2m (2009 - £0.1m loss), a £4.6m charge for amortisation of intangible assets acquired on acquisitions (2009 - £4.6m), a £8.7m charge for impairment of goodwill (2009 - £nil), acquisition costs of £0.1m (2009 - £nil) and an exceptional pension gain of £nil (2009 - £6.3m). Adjusted earnings per share takes account of the tax impact of these items.

(2) See Notes 11(b) and 11(c) of the 2010 Annual Results Release for derivation of free cash flow and of net debt, respectively.

The Group's principal exchange rates for the US dollar and the Euro, applied in the translation of revenue, profit and cash flow items at average rates were $1.55 (2009 - $1.56) and €1.16 (2009 - €1.12), respectively. The US dollar and Euro rates applied to the balance sheet at 31 December 2010 were $1.57 (2009 - $1.61) and €1.17 (2009 - €1.13), respectively.

Download the full text of Senior's 2010 Annual Results Release (PDF).